Our seller financed loan was paid off in 2016. It was for bare land. Which Turbo tax product should I get?

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Our seller financed loan was paid off in 2016. It was for bare land. Which Turbo tax product should I get?

Hi stringsnsage:

It is somewhat unclear from your question if you were the buyer or the seller of this land.

If you were the seller, and sold the property to a buyer over a period of time, this is what is known as an installment sale. The necessary IRS form to calculate that is Form 6252. In TurboTax Online, this tax form is available only in the Premier version and above. Also, you would nee

In TurboTax desktop CD-ROM / Download, while Form 6252 is available in all versions, you will have a much easier time of it in either the Premier or Home & Business product, as they have much better interview screens to help you fill out the form correctly.

If you were instead the buyer, and this is land that you acquired as an investment and did not rent out to a third-party, then you really have nothing to report, and you can safely base your decision as to which TurboTax product to use on the other factors in your tax return.

For a more complete answer, or to discuss the specifics of any particular version of TurboTax, please feel free to call us and speak with a live agent. Simply ask for our "Shop & Buy" department. Here is a link that you can use to reach us:

https://support.turbotax.intuit.com/contact/

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Our seller financed loan was paid off in 2016. It was for bare land. Which Turbo tax product should I get?

Hi stringsnsage:

It is somewhat unclear from your question if you were the buyer or the seller of this land.

If you were the seller, and sold the property to a buyer over a period of time, this is what is known as an installment sale. The necessary IRS form to calculate that is Form 6252. In TurboTax Online, this tax form is available only in the Premier version and above. Also, you would nee

In TurboTax desktop CD-ROM / Download, while Form 6252 is available in all versions, you will have a much easier time of it in either the Premier or Home & Business product, as they have much better interview screens to help you fill out the form correctly.

If you were instead the buyer, and this is land that you acquired as an investment and did not rent out to a third-party, then you really have nothing to report, and you can safely base your decision as to which TurboTax product to use on the other factors in your tax return.

For a more complete answer, or to discuss the specifics of any particular version of TurboTax, please feel free to call us and speak with a live agent. Simply ask for our "Shop & Buy" department. Here is a link that you can use to reach us:

https://support.turbotax.intuit.com/contact/

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